Cosmoprof 2023
Is RaceFit™ for me?
-
Is RaceFit™ right for my brand?
RaceFit™ assessment is beneficial to any brand at any stage of their journey. If you are: - A start up looking for direction and guidance - An established brand seeking an overall ‘health check’ - A brand in crisis urgently seeking direction on priorities - An international brand looking to expand into the UK market - A brand ready to take their ‘next step’ looking for guidance in preparation for growth, international expansion or expanding distribution then RaceFit™ is for you!
-
What if I am unsure of how to answer a question?
You should answer honestly and instinctively. Very often your initial response will be the most accurate. If you don’t understand a question, or are having difficulty knowing how to answer questions please do get in touch.
Contact Us -
I am based outside of the UK, can I complete RaceFit™?
Yes, the RaceFit™ self-assessment programme is entirely virtual so you can get started straight away, no matter where in the world you are.
The Criteria
-
01
Any company entering The Beauty Accelerator™ competition must be based and registered in the UK.
-
02
The scheme by which investment into the winning brand will be made is the Seed Enterprise Investment Scheme (SEIS). You must be eligible for SEIS to enter The Beauty Accelerator but you do not need to be registered for SEIS. You can be in the process of applying for SEIS and receiving Advanced Assurance from HMRC, which is free of charge to obtain and certifies to investors that the criteria necessary to qualify for SEIS have been met by the company at the time of the application. You do however need to be SEIS registered at the point of investment.
Click here For further information about SEIS -
03
As is the case with all equity investments, the winning brand must be willing to provide equity stakes for both SFC Capital and The Red Tree. In addition, the winning brand might be required to pay a monthly fee for the duration of the 12 month period of assistance from The Red Tree. The size of the equity stakes for both SFC Capital and The Red Tree are unknown at this stage and will be based on the valuation of the business at the time of investment. The value of the monthly fee to The Red Tree will be determined by the scope of work required by The Red Tree and will be agreed in consultation with the winning brand. The equity stake, monthly fee and scope of work will be discussed in further detail with short listed brands during the interview stage.
-
04
Brands that applied for The Beauty Accelerator™ 2022 can apply for The Beauty Accelerator™ 2024.
-
05
Applicant brands should ideally have proof of concept – the business should ideally be in operation with at least one product currently retailing on the market, an existing website in operation and a number of months of trading.
-
06
Under exceptional circumstances, brands that are at concept stage will be considered.
-
07
There should be a team in place or a willingness to take on a co-founder at an early stage.
-
08
A business plan must be in place and submitted as part of your application to demonstrate the revenue that can be delivered.
-
09
The business should not be valued at more than £1,000,000.
-
10
All R&D should be completed as funds invested will only be used for marketing and commercial activity.
-
11
If you are short listed, you must be available to attend the virtual shortlist interview. It is likely that short listed brands will be required to attend more than one virtual interview.
-
12
If you are a Finalist, you must be able to attend The Beauty Accelerator™ Final, either virtually or in-person.
-
13
You cannot apply for or already be in the process of applying for another accelerator or incubator during the period December 2023 to December 2024.
-
14
If you are selected as a finalist, and if you go on to win The Beauty Accelerator™, you must agree to exposure of you and your brand through The Red Tree’s, SFC Capital’s and Freeths online and social channels and a possible marketing campaign.
-
15
Confirmation of the winning brand is subject to SEIS eligibility confirmation, agreement on equity stake and The Red Tree fee, and completion of due diligence.
"*" indicates required fields